00:00It's Benzinga bringing Wall Street to Main Street.
00:02President Trump moved Friday to overturn a federal trade court ruling that challenged
00:07the legal basis for his 10% import duties, according to Reuters. The ruling follows a
00:13February Supreme Court decision that struck down Trump's earlier tariffs under the International
00:18Emergency Economic Powers Act. Trump then invoked Section 122 of the Trade Act of 1974
00:25to impose replacement tariffs set to expire July 24th, unless Congress approves an extension.
00:32The U.S. Court of International Trade ruled in a two-to-one decision that Section 122 was
00:38intended for temporary balance of payments emergencies, not long-term trade deficits.
00:43The decision blocks the tariffs only for two small businesses and the state of Washington.
00:48The legal fight could lead to billions of dollars in tariff refund claims if broader challenges
00:53succeed. The ruling also comes days before Trump is expected to meet Chinese President
00:57Xi Jinping in Beijing.
00:59For all things money, visit Benzinga.com.
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